Thank you if you participated in any of our polls during the year. Some readers may not have seen the final results in a particular week, so we have reproduced them all here. They show a readership of diverse opinion in some areas but united in many others. I particularly liked how only 9% of respondents were optimistic enough to think that the Socceroos would progress beyond the first round of the World Cup.
Overall we have observed a mistrust of government, a desire to improve the system and make it fairer, that there’s no crystal ball, concern for our future well-being, an aversion to complexity, a sense that people need to be protected from themselves (but also have financial freedom) and a healthy level of scepticism.
Although we sometimes received over 200 votes in a week, a small minority of our readers have participated in the polls, so we will be discontinuing this feature in 2015.
See how your opinion fared in our poll summary below.
Leisa Bell is assistant editor at Cuffelinks.
Dec 11: Did the Financial Systems Inquiry do enough to restore the public's faith in financial advice?
|
Answer
|
Votes
|
Percent
|
|
Restoring faith will take a lot more than this Inquiry
|
45
|
78%
|
|
No, it barely addressed the vertical integration model
|
10
|
17%
|
|
Yes, by making ASIC stronger and more proactive
|
2
|
3%
|
|
Yes, by redefining 'general advice' to something like 'sales'
|
1
|
2%
|
|
Yes, by introducing a principles-based product design and distribution obligation
|
0
|
0%
|
Dec 4: Do you think Australian residential property prices are topping out?
|
Answer
|
Votes
|
Percent
|
|
Yes, too expensive and facing some headwinds
|
58
|
46%
|
|
Depends on location, location, location
|
48
|
38%
|
|
No, low rates and strong demand mean they will continue to run
|
20
|
16%
|
Nov 27: Do you think the 'Best Interests Duty' rules for financial advisers are now appropriate?
|
Answer
|
Votes
|
Percent
|
|
No, go too far and too much risk for advisers
|
42
|
39%
|
|
Yes, even if not clear, should be as strong as possible
|
36
|
34%
|
|
Yes, it is clear how they should apply
|
15
|
14%
|
|
Don't care anymore, let's accept and move on
|
14
|
13%
|
Nov 20: Where do you expect Australian investors will receive the best returns over the next decade?
|
Answer
|
Votes
|
Percent
|
|
Who knows?
|
26
|
30%
|
|
Global equities with currency risk unhedged
|
24
|
28%
|
|
Australian equities
|
21
|
24%
|
|
Another asset class
|
10
|
11%
|
|
Global equities with currency risk hedged
|
6
|
7%
|
Nov 13: Are you worried by the high level of debt carried by governments and households?
|
Answer
|
Votes
|
Percent
|
|
Yes, there will be adverse market consequences some time
|
53
|
53%
|
|
Depends on the level and type of assets held against the debt
|
24
|
24%
|
|
Not until interest rates start to rise
|
15
|
15%
|
|
No, the market will adjust and absorb the increases
|
8
|
8%
|
Nov 6: Should our superannuation focus shift from accumulating a lump sum to income outcomes?
|
Answer
|
Votes
|
Percent
|
|
Yes, we should inform members about retirement income
|
51
|
62%
|
|
Don't know or think they are equally important
|
25
|
30%
|
|
No, accumulation is more important
|
6
|
7%
|
Oct 30: The investment industry is primarily designed to help the ultimate beneficiaries rather than the agents working in it.
|
Answer
|
Votes
|
Percent
|
|
Disagree
|
86
|
77%
|
|
Neutral
|
13
|
12%
|
|
Agree
|
12
|
11%
|
Oct 23: Should large investors be divesting of fossil fuel related investments?
|
Answer
|
Votes
|
Percent
|
|
No, these energy sources are critical for our economy
|
32
|
46%
|
|
Yes, for environmental or ethical reasons
|
18
|
26%
|
|
Yes, economic returns will suffer as use declines
|
11
|
16%
|
|
No, climate change science is bunkum
|
9
|
13%
|
Oct 16: Do you agree with Nick Sherry that our super system is too complex?
|
Answer
|
Votes
|
Percent
|
|
Yes, complexity adds to cost
|
48
|
48%
|
|
Yes, people are turned off super because they cannot understand it
|
29
|
29%
|
|
No, we need the complexity to make it more flexible
|
15
|
15%
|
|
No, complexity is a sign of a sophisticated system
|
7
|
7%
|
Oct 9: Into which asset class are you currently investing more money?
|
Answer
|
Votes
|
Percent
|
|
Australian equities
|
38
|
37%
|
|
Cash or staying out of the market for a while
|
29
|
28%
|
|
Global equities
|
15
|
15%
|
|
Term deposits or bonds
|
10
|
10%
|
|
Alternatives or infrastructure
|
6
|
6%
|
|
Property
|
4
|
4%
|
Oct 2: Will investment management look significantly different in 10 years?
|
Answer
|
Votes
|
Percent
|
|
Yes, mainly new entrants based on technology and client needs
|
25
|
42%
|
|
No, existing players will continue to dominate with similar products
|
14
|
23%
|
|
Don't know, too many variables to make prediction
|
13
|
22%
|
|
Yes, mainly due to regulatory change
|
8
|
13%
|
Sep 25: Do you agree with the FSC call for a new statutory authority governing financial planners?
|
Answer
|
Votes
|
Percent
|
|
Yes, it would help to improve the quality of advice
|
33
|
57%
|
|
No, it would remove self-responsibility for advice and create red tape
|
17
|
29%
|
|
Don't know but it doesn't address the main issues
|
7
|
12%
|
|
Other: No, it's trying to avoid a better standard
|
1
|
2%
|
Sep 17: Do you try to time the market when allocating money to equities?
|
Answer
|
Votes
|
Percent
|
|
Yes, I believe I can add value
|
23
|
30%
|
|
No, it's a waste of time
|
23
|
30%
|
|
Yes, but not sure it has much merit
|
20
|
26%
|
|
Don't know, depends on market conditions
|
10
|
13%
|
Sep 11: In exchange for $100,000 now, how much per year for life would you accept?
|
Answer
|
Votes
|
Percent
|
|
$5,001 to $7,500
|
68
|
30%
|
|
$7,501 to $10,000
|
67
|
29%
|
|
Over $10,000
|
55
|
24%
|
|
$4,000 to $5,000
|
38
|
17%
|
Sep 4: Is it appropriate to freeze the super guarantee rate at 9.5% for seven years?
|
Answer
|
Votes
|
Percent
|
|
No, people should be saving for their retirement
|
72
|
67%
|
|
Yes, people will spend more and stimulate the economy
|
23
|
21%
|
|
Depends on whether the employer holds onto it
|
7
|
6%
|
|
Don't know, super keeps changing anyway
|
6
|
6%
|
Aug 27: Should public super funds allocate more to 'alternative' assets?
|
Answer
|
Votes
|
Percent
|
|
Depends on what is in 'alternatives'
|
39
|
55%
|
|
Yes, should diversify and take longer term view
|
18
|
25%
|
|
No, too illiquid and do not offer enough extra return
|
12
|
17%
|
|
Other: give choice; I don't care
|
2
|
3%
|
Aug 21: Should super funds report estimated retirement income in statements?
|
Answer
|
Votes
|
Percent
|
|
Yes, it's an important part of retirement planning
|
58
|
59%
|
|
No, the estimate requires too many assumptions
|
38
|
38%
|
|
Other:
- yes but only when the person reaches say 50 because before that it is too pie in
- Yes but with a range of scenarios
- depends on the age of the age of the client
|
3
|
3%
|
Aug 14: FSI question: Should part of a retirees’ super go into an income stream product?
|
Answer
|
Votes
|
Percent
|
|
No, people should have investment flexibility
|
24
|
26%
|
|
Yes, to prevent drawing all in a lump sum
|
23
|
25%
|
|
Yes, to reduce potential dependence on age pension
|
23
|
25%
|
|
No, stop playing with the super rules
|
16
|
17%
|
|
Other:
- No lump sum provision, other than to roll over into a SMSF.
- Yes - but as determined by the SMSF - not some lame industry product
- Invest it yourself, AND... Do not spend the capital
- depends on the income product
- No, but some limits should be placed on withdrawals from super.
- To stop them SKIing it all, getting the pension and going "Ipaidtaxesallmelife"
- No. Just limit the maximum % that can be drawn in any year to 10% until age 85
|
7
|
8%
|
Aug 7: Is it worth paying more for active funds management?
|
Answer
|
Votes
|
Percent
|
|
No, they can't consistently outperform a cheap index fund after fees
|
32
|
40%
|
|
Yes, it's possible to identify managers who deliver excess returns over long terms
|
29
|
36%
|
|
Depends on the asset class
|
19
|
24%
|
Jul 31: Should young people be allowed to access their super to buy a home?
|
Answer
|
Votes
|
Percent
|
|
No, super is for retirement and it will drive up prices
|
127
|
82%
|
|
Yes, they need help to enter the property market
|
23
|
15%
|
|
Other:
- yes with caveats regarding their age, account balance.
- No. These schemes always come in overblown markets. US 2005-2007
- Lack of liquidity
- Will this be another driver to increase property prices?
|
4
|
3%
|
Jul 24: Should SMSFs be allowed to borrow to invest in property?
|
Answer
|
Votes
|
Percent
|
|
No, need to protect retirement savings from such leverage
|
71
|
60%
|
|
Yes, it's a legitimate asset class and borrowing is fine
|
26
|
22%
|
|
Yes but only when SMSFs buying related business premises
|
22
|
18%
|
Jul 17: Should the Murray Inquiry aim to reduce the percentage of advisers aligned to the five major institutions?
|
Answer
|
Votes
|
Percent
|
|
Yes, 80% is much too high
|
52
|
73%
|
|
No, leave it to market forces
|
14
|
20%
|
|
It is too difficult for the Inquiry to do anything about it
|
5
|
7%
|
Jul 10: Should lump sum withdrawals from superannuation be restricted?
|
Answer
|
Votes
|
Percent
|
|
Yes, the money needs to last for a long retirement and reduce age pension demands
|
35
|
47%
|
|
No, stop tinkering with the superannuation rules
|
33
|
45%
|
|
Other:
- Limit lump sum withdrawals to cases of serious need only and not for holidays an
- the big firms have pissed it all up against the wall, why can’t I have a shot.
- Tax Lump sums
- partially, as there may be mortgages that need repaying
- deemed from point of retirement
- Yes with exemptions re health spending etc
|
6
|
8%
|
Jul 3: Should CBA's financial advice business face a Royal Commission?
|
Answer
|
Votes
|
Percent
|
|
Yes, there's still much to be answered
|
30
|
58%
|
|
No, just an expensive exercise and would not achieve much
|
18
|
35%
|
|
No, CBA is addressing its past problems now
|
4
|
8%
|
Jun 25: Is the AUD currently overvalued at 0.93-0.94 US cents? Where do you think it should be?
|
Answer
|
Votes
|
Percent
|
|
Between 0.80 and 0.90 US cents
|
29
|
41%
|
|
Between 0.70 and 0.80 US cents
|
21
|
30%
|
|
Above 0.90 US cents
|
16
|
23%
|
|
Less than 0.70 US cents
|
5
|
7%
|
Jun 19: Do you support the paid parental leave scheme for mothers earning $100,000 a year?
|
Answer
|
Votes
|
Percent
|
|
No, not at all
|
47
|
43%
|
|
No, it needs to be less generous
|
45
|
41%
|
|
Yes, it encourages staying in the workforce
|
18
|
16%
|
Jun 8: How do you think the Socceroos will fare in the World Cup?
|
Answer
|
Votes
|
Percent
|
|
Lose all three group games convincingly
|
34
|
36%
|
|
Lose all three group games but exit with heads held high
|
29
|
31%
|
|
At least one point from the group games but fail to progress
|
23
|
24%
|
|
Surprise us all by progressing to the Round of 16
|
9
|
9%
|
Jun 3: Should the young unemployed take any job they can get?
|
Answer
|
Votes
|
Percent
|
|
Yes, must make a start in life and start earning income
|
65
|
63%
|
|
No, better to study and open other opportunities
|
28
|
27%
|
|
Yes, should not bludge on others
|
8
|
8%
|
|
No, should wait for the job they want
|
3
|
3%
|
May 28: What do you think about politicians breaking election promises?
|
Answer
|
Votes
|
Percent
|
|
It’s inexcusable
|
40
|
42%
|
|
Circumstances change, so policies need to change too
|
27
|
28%
|
|
I don’t believe election promises in the first place
|
25
|
26%
|
|
Sincerity doesn’t win elections
|
3
|
3%
|
May 22: Given the budget needs, is it time to make negative gearing less generous?
|
Answer
|
Votes
|
Percent
|
|
Yes, and abolish completely
|
60
|
37%
|
|
Yes, but retain to some extent
|
60
|
37%
|
|
No, it's required to provide rental accommodation
|
29
|
18%
|
|
No, people have bought property on this basis
|
14
|
9%
|
May 14: Was the budget fair and well-balanced towards different groups?
|
Answer
|
Votes
|
Percent
|
|
No, too much pain for the less well-off
|
78
|
62%
|
|
Yes
|
37
|
29%
|
|
No, too much pain for the middle class
|
8
|
6%
|
|
No, too much pain for high income earners
|
3
|
2%
|
May 8: Should we have a 1% then 2% 'tax levy' on incomes over $150,000?
|
Answer
|
Votes
|
Percent
|
|
Depends what else is in the budget
|
39
|
41%
|
|
Yes, we need to fix the deficit
|
26
|
27%
|
|
No, it will reduce economic activity
|
15
|
16%
|
|
No, it doesn't raise much money
|
9
|
9%
|
|
Other:
- No new tax promise broken
- No, the whole tax regime needs to be reengineered for long-term sustainability
- No - it's a breach of trust
- No, it should not affect just the wealthy - apply it to everyone.
- pay back previous tax cuts
- gst
|
6
|
6%
|
Apr 29: Over what timeframe should the budget aim for a surplus?
|
Answer
|
Votes
|
Percent
|
|
Between three and seven years
|
36
|
41%
|
|
Longer than seven years
|
27
|
31%
|
|
No need to aim for a surplus
|
16
|
18%
|
|
Within the next three years
|
5
|
6%
|
|
Surplus will never be achieved again
|
4
|
5%
|
Apr 16: Should super pensions for the very wealthy aged over 60 continue to be tax-free?
|
Answer
|
Votes
|
Percent
|
|
Yes, that was the rule when they built their super
|
60
|
47%
|
|
No, too generous for people with a lot of money
|
49
|
38%
|
|
Don't know, depends what other changes are made
|
19
|
15%
|
Apr 10: Should the pension age be increased?
|
Answer
|
Votes
|
Percent
|
|
Yes, to address longevity and budget deficit issues
|
68
|
52%
|
|
No, people have worked hard and deserve it at 65
|
41
|
32%
|
|
Yes, but not necessary yet
|
21
|
16%
|
Apr 3: Do you expect significant changes in the May 2014 Federal Budget?
|
Answer
|
Votes
|
Percent
|
|
Yes, both increases in taxes and reductions in spending
|
121
|
74%
|
|
Yes, reductions in spending
|
17
|
10%
|
|
Yes, increases in taxes and government revenues
|
15
|
9%
|
|
Ho hum, no significant changes
|
10
|
6%
|
Mar 25: What parts of the proposed FoFA amendments will return after the current 'freeze'?
|
Answer
|
Votes
|
Percent
|
|
Both commissions and Best Interest Duty
|
17
|
37%
|
|
It won't come back for a long time
|
10
|
22%
|
|
None, they have attracted far too much criticism
|
9
|
20%
|
|
Only payment of commissions on 'general advice'
|
6
|
13%
|
|
Only the change to the Best Interest Duty
|
4
|
9%
|
Mar18: Will allowing commissions on financial products sold under 'general advice' create conflicted payments?
|
Answer
|
Votes
|
Percent
|
|
Yes
|
51
|
73%
|
|
Depends how it is monitored by regulators
|
10
|
14%
|
|
Don't know, too complex, wait and see
|
6
|
9%
|
|
No
|
3
|
4%
|
Mar 12: Should the minimum payment from a super pension be mandated at 4%?
|
Answer
|
Votes
|
Percent
|
|
No, there should be no forced withdrawal
|
21
|
33%
|
|
No, it is too high and forces withdrawal of retirement savings too quickly
|
17
|
27%
|
|
Yes, money should be withdrawn from such a tax-advantaged vehicle
|
15
|
24%
|
|
Yes, it's an appropriate amount of money to live on
|
7
|
11%
|
|
Other:
- the maximum amount should be the limited not the minimum amount
- 3% minimum
- yes possibly more
|
3
|
5%
|
Mar 4: Should SMSFs be allowed to borrow to invest in residential property?
|
Answer
|
Votes
|
Percent
|
|
No, too much leveraged risk for a retirement vehicle
|
20
|
26%
|
|
Yes, as long as the gearing is not too high
|
18
|
23%
|
|
Yes, it's a legitimate asset for a retirement vehicle
|
16
|
21%
|
|
No, retirement assets require better liquidity
|
16
|
21%
|
|
No, rental yields after costs are too low
|
6
|
8%
|
|
Other:
- Future generations - first home. Maintains out-of-sync with the world
- No .....the SMSF residential market has crowded out first time home buyers.
|
2
|
3%
|
Feb 25: Which fees in the wealth management value chain will fall most in the next three years?
|
Answer
|
Votes
|
Percent
|
|
platform providers
|
35
|
58%
|
|
fund managers
|
16
|
27%
|
|
financial planners
|
6
|
10%
|
|
accountants
|
3
|
5%
|
Feb 16: Three years from now, where will most of your Australian equity exposure be invested?
|
Answer
|
Votes
|
Percent
|
|
Directly into listed Australian shares
|
34
|
52%
|
|
Listed Investment Companies (LICs)
|
14
|
22%
|
|
Unlisted managed funds
|
8
|
12%
|
|
Exchange Traded Funds (ETFs)
|
6
|
9%
|
|
The new ASX mFund service
|
3
|
5%
|
Feb 10: What increase do you expect in total All Ords dividends in 2014 over 2013?
|
Answer
|
Votes
|
Percent
|
|
0 to 5%
|
25
|
43%
|
|
5% to 10%
|
19
|
33%
|
|
Over 10%
|
5
|
9%
|
|
Don't know
|
4
|
7%
|
|
Who cares?
|
3
|
5%
|
|
Negative
|
2
|
3%
|